A
sizeable majority of participants in the weekly Kitco News Gold Survey
call for higher gold prices next week as technical-price charts
continue to suggest higher prices.
In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Nineteen see prices up, while two see prices down and two see prices trading sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
Last week participants were bullish. As of noon EST, Comex April gold prices were up about $2 an ounce on the week.
“Several technical events have confirmed the bullish nature of the recent upturn in gold after last year's precipitous price decline,” said Ralph Preston, principal, Heritage West Financial.
Those technical-chart points include the double bottom lows from July and December 2013, gold moving over $1,280 and breaking the downward sloping trend line drawn over the peaks of August at $1,430 and October at $1,375, and the yellow metal moving over the 200-day moving average, which comes in Friday at $1,308.80, he said.
Another factor in gold’s favor, said Adrian Day, president and chief executive officer at Adrian Day Asset Management, is the change in sentiment for gold, which caused formerly bearish participants to scramble.
Kevin Grady, owner of Phoenix Futures and Options, said there are some fundamental reasons supporting gold, which is why he is bullish on prices for next week.
“We continue to see tightness in the forward markets which I feel will spill over into the futures. Although the jewelers do not appear to be buying at these levels, there continues to be a bid under the market. This leads me to believe that we may be seeing some central-bank buying.
“A key factor for gold this week was the release of the Federal Reserve minutes. Although the verbiage led us to believe that the current tapering plan would continue, the gold price held up under immediate pressure. The 200-day moving average comes in around $1,305. We need to hold this area for gold to attract new buyers,” Grady said.
Few survey participants are neutral or bearish. The couple of participants who see weaker prices said given the sharp rally gold has experienced in February, it is due for a pullback in the short term.
Kitco News
In the Kitco News Gold Survey, out of 33 participants, 23 responded this week. Nineteen see prices up, while two see prices down and two see prices trading sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
Last week participants were bullish. As of noon EST, Comex April gold prices were up about $2 an ounce on the week.
“Several technical events have confirmed the bullish nature of the recent upturn in gold after last year's precipitous price decline,” said Ralph Preston, principal, Heritage West Financial.
Those technical-chart points include the double bottom lows from July and December 2013, gold moving over $1,280 and breaking the downward sloping trend line drawn over the peaks of August at $1,430 and October at $1,375, and the yellow metal moving over the 200-day moving average, which comes in Friday at $1,308.80, he said.
Another factor in gold’s favor, said Adrian Day, president and chief executive officer at Adrian Day Asset Management, is the change in sentiment for gold, which caused formerly bearish participants to scramble.
Kevin Grady, owner of Phoenix Futures and Options, said there are some fundamental reasons supporting gold, which is why he is bullish on prices for next week.
“We continue to see tightness in the forward markets which I feel will spill over into the futures. Although the jewelers do not appear to be buying at these levels, there continues to be a bid under the market. This leads me to believe that we may be seeing some central-bank buying.
“A key factor for gold this week was the release of the Federal Reserve minutes. Although the verbiage led us to believe that the current tapering plan would continue, the gold price held up under immediate pressure. The 200-day moving average comes in around $1,305. We need to hold this area for gold to attract new buyers,” Grady said.
Few survey participants are neutral or bearish. The couple of participants who see weaker prices said given the sharp rally gold has experienced in February, it is due for a pullback in the short term.
Kitco News
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